Giovedì, 18 Ottobre 2018
ROME

Top petrol companies probed over pump prices in Italy

English
© ANSA

Rome, April 4 - Petrol companies Shell, Tamoil,
ENI, ESSO, Total Erg, Q8 and Api are being investigated by
Italian finance police and prosecutors in the northern town of
Varese over alleged illegal fuel-price increases.
The probe concerns accusations of price fixing and fraud
brought up one year ago in an expose' by Italian consumer
association Codacons, covering the period of January 2011 to
March 2012.
Investigators used internal records from the fuel providers
and compared them to companies elsewhere in Europe, where prices
are lower.
They concluded that the source of the price hikes was
linked to petrol companies' investment funds in commodities such
as oil, copper, silver and gold, as well as in exchange traded
funds (ETFs), all of which were highly susceptible to
speculation.
Prices were also affected by investments in derivatives
used to artificially inflate the cost of crude, investigators
said.
Petrol companies have consistently defended their pricing
policies in Italy, arguing that they reflect international
costs.

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